Northland Port returns climb with log volumes

Northland Port Corp, which owns a half stake in the region’s Marsden Point port operator Northport in Northland, NZ, posted a 61 percent gain in full-year profit on a surge in log exports and a one-time revaluation gain on its property portfolio. Net profit rose to NZ$7.6 million in the 12 months ended June 30, from NZ$4.7 million a year earlier, the Whangarei-based company said in a statement. Sales rose to NZ$8.2 million from NZ$6.69 million.

Log exports through Northport gained 25 percent to 1.96 million tonnes, lifting overall volumes through the port to 2.7 million tonnes. Chairman Colin Mitten said further growth in volumes is expected in the 2013 financial year, when they’re forecast to reach 2.9 million tonnes.

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